India Buys Costliest LNG in Years as Iran War Disrupts Global Supplies

Indian energy companies are paying some of their highest LNG prices in years as the Iran war disrupts global supplies. GAIL India and Gujarat State Petroleum Corp. reportedly bought September cargoes for more than $23 per million British thermal units, making them the country’s costliest imports since 2022. Bharat Petroleum also purchased LNG from the spot market, although its price was not disclosed. Damage to Qatar’s export facilities and continued disruption around the Strait of Hormuz have intensified competition for available cargoes.